August 6: Nepal has made a profit in trade with the United States of America (USA) after five years. According to the statistics of the Department of Customs, the trade with the US was profitable in the last fiscal year (FY). In the review year, Nepal made a trade profit of Rs 146 million with the USA.

According to the department, goods worth Rs 19.57 billion were exported from Nepal to the USA last year, while goods worth Rs 19.42 billion were imported from the USA.

Prior to that, the last time Nepal made a trade profit with the US was in the fiscal year 2073/74. Since then, Nepal's trade with America was in deficit for five years.

Among the items exported from Nepal to the USA last year, carpets and felt materials were the ones that earned Nepal the most money. More than Rs 7.38 billion was received from carpet export alone. According to the data of the department, felt goods worth Rs 2.44 billion were exported to the USA.

Experts say that Nepali goods are exported to countries like America because of their good quality.

According to the experts, it also shows the ability of Nepali entrepreneurs.

Gandhi Pandit, secretary general of the American Chamber of Commerce, says that Nepal's trade with America has improved somewhat in the last year.

However, he says that it is necessary to further improve trade with America. For this, he suggested that the Nepalese government should take initiative with the American government. He also suggests that the government should also take initiatives to bring in American investment. “There is immense potential in Nepal,” he says, adding, “Investment also came through the MCC. However, we could not bring as much investment as possible.”

Similarly, he suggested that items with export potential should be identified and sent to America. Since 2015, the United States has given customs exemptions to the export of 77 items. “Production of such items should be increased. Similarly, Nepal should take initiatives with the American government to give concessions to exported goods,” he said.

Experts also say that if the government of Nepal takes the initiative, the size of exports to America will increase further.

Foreign trade with 170 countries, profits with only 38

According to the department, Nepal trades with 170 countries. Out of them, it has trade deficit with 132 countries and trade surplus with 38 countries. Denmark has the country with whom Nepal has the highest trade profit. Last year, Nepal's trade surplus with Denmark was Rs 512.2 million, according to the department's data.

In the list of highest trade profits, America is second and Norway is third. According to the data of the department, Nepal's trade profit with Norway stood at Rs 97.2 million.

Nepal's largest trade deficit is with neighboring India. Nepal has a trade deficit of Rs 921.16 billion with India alone.

China is second in this list. Nepal's trade deficit with China is Rs 220.95 billion. Nepal's trade deficit with Indonesia, which is third in this list, is Rs 41.51 billion.

Foreign trade is at a deficit of Rs 1454 billion

The volume of foreign trade of Nepal in the review year stood at Rs 1768 billion. According to the Department of Customs, Nepal's trade deficit was Rs 1454 billion in the last fiscal year.